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The amount of interest Spain had to offer to find enough buyers for its bonds rose even as the European Central Bank continues to support it by purchasing Spanish debt.
“Washington has to live within its means,” Obama said. “We have to cut what we can’t afford to pay for what really matters.”
"The level of our economy will increase to the pre-crisis level," he promised.
As the markets open the focus is on a meeting later on Friday between U.S.Treasury Secretary Timothy Geithner and European finance ministers, on the possibility of leveraging the euro zone’s bailout fund to resolve the debt crisis.
A stark warning from the EU Commission says growth in the second half of the year will grind to a, “standstill”.
President Nicolas Sarkozy and German Chancellor Angela Merkel are due to talk with Greek Prime Minister George Papandreou this afternoon.